Registration Statement for Kimberly-Clark's Spin-Off of Healthcare Business is Filed With the SEC

Article

Kimberly-Clark Corporation announces that the Form 10 Registration Statement for its previously announced plan to spin off its healthcare business has been filed with the Securities and Exchange Commission (SEC). The new company will be called Halyard Health, Inc. and will be headquartered in Alpharetta, Ga.

Kimberly-Clark chairman and CEO Thomas J. Falk says, "The planned spin-off of our health care business continues our focus on creating shareholder value.  When the spin-off is completed, Halyard Health will be able to take advantage of its leading positions in several key categories to drive its performance and pursue its own opportunities.  This move will also allow Kimberly-Clark to further sharpen our focus on growing our consumer and K-C Professional brands around the world."

Robert E. Abernathy, future chairman and CEO of Halyard Health, comments, "We are pleased to be one step closer to completing the spin-off and are excited about what our new name represents. Halyard is a nautical term that refers to the line that raises the sails of a ship as it embarks on a voyage. Our new direction as an independent company is focused on advancing the health of patients and our industry by delivering clinically-superior solutions for preventing infection, eliminating pain and speeding recovery."

Once the planned spin-off is completed later this year, Halyard Health will be a stand-alone public company and is expected to trade on the New York Stock Exchange. The company generates approximately $1.7 billion in annual net sales, has leading market positions in both surgical and infection prevention products and medical devices and employs approximately 16,500 employees.

The spin-off is expected to take the form of a tax-free distribution of 100 percent of Halyard Health's common stock to Kimberly-Clark shareholders, with the distribution ratio to be determined shortly before the spin-off occurs.  The distribution is expected to be completed at the end of the third quarter or potentially in the fourth quarter of 2014, subject to market, regulatory and other conditions, including declaration by the SEC that Halyard Health's registration statement is effective and formal approval of the distribution by Kimberly-Clark's board of directors.

Kimberly-Clark will receive a cash distribution from Halyard Health prior to the spin-off in an amount to be determined and will use the cash to repurchase its common stock.

Source: Kimberly-Clark Corp.





Related Videos
Jill Holdsworth, MS, CIC, FAPIC, CRCST, NREMT, CHL
Jill Holdsworth, MS, CIC, FAPIC, CRCSR, NREMT, CHL, and Katie Belski, BSHCA, CRCST, CHL, CIS
Baby visiting a pediatric facility  (Adobe Stock 448959249 by Rawpixel.com)
Antimicrobial Resistance (Adobe Stock unknown)
Anne Meneghetti, MD, speaking with Infection Control Today
Patient Safety: Infection Control Today's Trending Topic for March
Infection Control Today® (ICT®) talks with John Kimsey, vice president of processing optimization and customer success for Steris.
Picture at AORN’s International Surgical Conference & Expo 2024
Infection Control Today and Contagion are collaborating for Rare Disease Month.
Related Content